Honolulu, HI, June 3, 2014.Blackstone (NYSE:BX) today announced the development of a new 418-unit vacation ownership tower at Hilton Hawaiian Village Waikiki Beach Resort, creating more than one thousand jobs. An official groundbreaking ceremony marked the construction launch of The Grand Islander by Hilton Grand Vacations Club®, slated for completion in early 2017. A Blackstone-managed fund, Blackstone Real Estate Partners VI, is providing the capital for this new tower. It has appointed Hilton Grand Vacations, the vacation ownership division of Hilton Worldwide, to provide vacation ownership sales and marketing services, resort operations, timeshare homeowners’ association management and loan servicing.

The 37-floor tower will be constructed adjacent to the Tapa Tower along Kalia Road and will offer views of the Pacific Ocean and immediate access to the sprawling 22-acre oceanfront Hilton Hawaiian Village Beach Resort.

More than 3,000 people work throughout the Hilton Hawaiian Village campus in the hotel towers, vacation ownership properties, restaurants and retail outlets. In the short term, the development of The Grand Islander will create hundreds more jobs in the construction sector and through affiliated suppliers, as well as more than 900 additional jobs in operations, sales and marketing in the coming years.

“We are thrilled to partner with Hilton Worldwide to bring a new timeshare offering to the Hilton Hawaiian Village Beach Resort,” Tyler Henritze said. “Combined with the quality of the Hilton Grand Vacations Club product and the Hilton brand, this destination will provide a fantastic vacation experience. We’re pleased that Blackstone’s investment will help create hundreds of jobs for the community, in line with our continuing commitment to Hawaii’s tourism economy.”

“It is our privilege to continue creating new ownership opportunities for our discerning clientele with a spectacular new Hilton Grand Vacations Club tower in Hilton Hawaiian Village,” said Mark Wang. “This project combines the industry-leading sales, marketing and management expertise of Hilton Grand Vacations with the established development strength of Blackstone, and builds upon our history of strategic collaboration.”

Hensel Phelps Construction Company has been appointed as the general contractor, Group 70 International, Inc. as the architect, and Indidesign retained for interior design. Rider Levett Bucknall will provide Project Management services, while Hilton Worldwide will act as the Development Manager.

The Grand Islander will become the fifth Hilton Grand Vacations Club on the Island of Oahu and will bring the brand’s total number of resorts in Hawaii to eight. Interval sales of The Grand Islander by Hilton Grand Vacations Club® are anticipated to begin in fall 2014 and nightly rental reservations may be requested in early 2016 for stays in 2017.

The Grand Islander by Hilton Grand Vacations Club® will feature one-, two- and three-bedroom suites and penthouses, each offering extensive amenities including full kitchens, spacious living and dining areas and private bedrooms.

The development of The Grand Islander fulfills a key milestone in the Master Plan for Hilton Hawaiian Village Waikiki Beach Resort, reinforcing Hilton Worldwide’s dedication to maintaining Waikiki as one of the world’s leading travel destinations. For more than 50 years, Hilton Worldwide has remained committed to the enhancement of the preeminent resort in Honolulu and the surrounding community.

About Blackstone:

Blackstone is a global leader in real estate investing. Founded in 1991, Blackstone’s real estate business is the largest opportunistic real estate investment manager in the world, with more than $81 billion in investor capital under management. Blackstone’s portfolio includes hotel, office, retail, industrial and residential properties in the U.S., Europe and Asia. Major holdings include: Hilton Worldwide, Equity Office Properties, Brixmor Property Group and London’s Broadgate office complex. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies they invest in, the companies they advise and the broader global economy. In addition to managing real estate private equity funds, our alternative asset management businesses include investment vehicles focused on private equity, hedge fund solutions, non-investment grade credit, secondary funds, and multi asset class exposures falling outside of other funds’ mandates. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow us on Twitter @Blackstone.

About Hilton Grand Vacations

Hilton Resorts Corporation, dba Hilton Grand Vacations, is a division of Hilton Worldwide, recognized as the leading global hospitality company. Headquartered in Orlando, Florida, Hilton Grand Vacations develops, markets and operates a system of brand name, high-quality vacation ownership resorts in select vacation destinations. The company also manages and operates two innovative club membership programs: Hilton Grand Vacations Club® and The Hilton Club®, providing exclusive exchange, leisure travel, and reservation services for more than 215,000 Club Members. For more information, visit hiltongrandvacations.com, hiltongrandvacationsmediacenter.com or connect at clubtraveler.com.

About Hilton Worldwide
Hilton Worldwide (NYSE: HLT) is a leading global hospitality company, spanning the lodging sector from luxury and full-service hotels and resorts to extended-stay suites and focused-service hotels. For 95 years, Hilton Worldwide has been dedicated to continuing its tradition of providing exceptional guest experiences. The company's portfolio of eleven world-class global brands is comprised of more than 4,100 managed, franchised, owned and leased hotels and timeshare properties, with more than 685,000 rooms in 92 countries and territories, including Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Curio - A Collection by Hilton, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages an award-winning customer loyalty program, Hilton HHonors®. Visit www.hiltonworldwide.com for more information and connect with Hilton Worldwide at www.facebook.com/hiltonworldwide, www.twitter.com/hiltonworldwide, www.youtube.com/hiltonworldwide, www.flickr.com/hiltonworldwide and www.linkedin.com/company/hilton-worldwide.